By: Dima Chernovolov
GBP/AUD continues to rise inside the daily Rectangle chart pattern which was earlier identified by Autochartist. Autochartist rates the quality of this Rectangle at the 7-bar level – which is the result of the above-average Initial Trend (7 bars), higher Uniformity (8 bars) and strong Clarity (9 bars). GBP/AUD is expected to rise further inside this Rectangle – in line with the earlier upward reversal from the support area shown below.
As can be seen from the daily GBP/AUD chart below, the pair earlier reversed up from the support area lying between the key support level 1.8260 (former resistance from the start of June), 50% Fibonacci correction of the previous upward impulse from the start of this month and the upper trendline of the recently broken down channel from May. The proximity of this support area adds to the likelihood GBP/AUD will continue to rise inside this Rectangle.